@UncleB wrote:
@Anonymous wrote:
So I've had this card for 8 months or so, started with a $1400 limit, but after a few months they dropped my limit to $1050, due to my credit score drop from all the other cards I applied for. That really ticked me off, but whatever, so I tried a CLI a while ago, denied due to credit score, well I just tried again, now that my Fico scores are in the 680 range. Denied AGAIN, I have a zero balance on this stupid card and have never maxxed it out, always made payments BEFORE they were due, and then paid it off. WHAT ON EARTH DOES DISCOVER WANT FROM ME? I'm so ticked off I feel like closing the card, I mean, a $1050 limit really is not doing me any favors....my Amex is higher than that, and every other card I have......
I'm sorry your having issues with Discover. They certainly can (and do) 'play favorites' when it comes to giving out starting credit lines and CLIs. While I got a manageable initial credit line, they seem to be 'all over the place' and definitely go by more than just credit score. I've also been limited to $500 CLIs, but in my case it's likely because I'm carrying a balance of a few thousand dollars due to a 0% BT offer a few months ago.
One thing that I do want to point out about your situation is that while your new accounts might be a factor in their decision, I don't think it's the 'major' factor. I say this since when I got my Discover card I had added several new accounts, and have added a few since, and they haven't been concerned. Also, while adding new accounts can cause your score to drop a few points temporarily, it rarely makes a difference large enough to cause a creditor to CLD you. While 680 isn't a bad score, it does tell me you likely have some things other than new accounts holding you back. It's likely that Discover was concerned about those issues more so than the new accounts.
While it definitely sucks that you're now working with a lower credit line, if it were me I would simply use the 'lemons' to make 'lemonade'. Use the heck out of the card, and reap the cash rewards as often and as heavy as you can. That will ensure that the account remains valuable to you, and it will help to build positive history with Discover. I predict that with a little time (and patience) your account will rebound, and you'll likely end up even better off than you were before.
+1 Like always, excellent advice!
